牧高笛(603908) - 2025 Q4 - 年度业绩预告

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -22 million and -33 million yuan, indicating a loss [3]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -32 million and -43 million yuan [4]. - In the same period last year, the total profit was 105.69 million yuan, with a net profit attributable to shareholders of 83.76 million yuan [5]. Sales and Revenue - The company reported a decrease in sales revenue compared to the same period last year due to market environment impacts [7]. - The sales structure adjustment led to a reduced proportion of sales to enterprise clients, while increasing sales expenses due to efforts to expand the consumer market and cross-border business [7]. Inventory and Asset Management - The company increased its inventory impairment provision as part of a strategy to accelerate new product iterations and improve asset turnover [7]. Government Subsidies - Government subsidies recognized in the current period decreased compared to the same period last year, impacting non-recurring gains and losses [7]. Employee Incentives - The company terminated its 2023 employee stock ownership plan and 2024 stock option incentive plan early, leading to accelerated recognition of related share-based payment expenses [7]. Forecast and Risks - The performance forecast data is based on preliminary calculations by the company's finance department and has not been audited by a registered accountant [8]. - Investors are advised to pay attention to investment risks as the forecast data is subject to change pending the audited annual report [9].